Accord Financial reduces minimum application amounts for BCAP-backed loans to assist BC restaurant industry.

Accord Financial, through it’s small business lending division, offers loans under the Business Credit Availability Program (BCAP) through a financing solution we call AccordExpress. Under AccordExpress small businesses can access up to $250,000 through a streamlined application process, with funding in as little as 3 days from the date of application. Canadian small businesses, across a wide variety of industries have been assisted under the program. Accord had previously set a minimum loan application amount of $20,000 under the program. However, in light of three factors being a) the surprise announcement regarding covid-related health protocol shutdowns yesterday; b) restaurant owners wanting to be careful in how much additional debt they
incur; and c) the urgency of the situation for many operators, Accord has decided to reduce the minimum threshold to $7,500. National Capital Markets, on behalf of Accord, issued the following Media Advisory:

Our team empathizes with those restaurant owners caught in a difficult position as a result of yesterday’s announcement. After all, we’re not just a financial partner, we know first-hand the tremendous impact that restaurant and hospitality businesses have on our neighborhoods and communities. Looking at yesterday’s announcement and factoring in that restaurant owners will want
to be careful how much debt they take on, we’re going to change the minimal threshold on our loan program to ensure that every small business that needs capital to get them through this shutdown can access it and have a fighting chance to rebuild.”

Should you have any questions regarding the above please contact:
Darcy Kindred, VP Operations, Canada Small Business Finance: